SINGAPORE, Aug. 02, 2022 (GLOBE NEWSWIRE) — TEN Finance is proud to announce that LEND and the $LEND token will first be available on the Cube Network. LEND is the newest extension of the TEN Finance Ecosystem and will be a groundbreaking release that sees TEN expanding horizons and being available on other chains. LEND will be a landmark release and the first native TEN product to launch on another chain. LEND is supported and backed by the CUBE Network ecosystem incubation partner Huobi Incubator as a key lending protocol on the Cube Network.
The main goal of TEN Finance is to simplify the DeFi landscape to increase user adoption by making it accessible for users of all technical abilities and therefore bring decentralized finance (DeFi) to the masses. LEND is the newest addition to the innovative products being offered by TEN.
Lending and borrowing protocols have been a cornerstone within the DeFi landscape. These products have given DeFi some real substantial use cases as this means users have the ability to lend and borrow assets without the need of an intermediary or centralized party. However, one thing people noticed is that often these platforms are behind complicated UI that isn’t easily understood by most market participants. In line with TEN Finance’s core values, LEND by TEN will focus on innovating these cornerstone DeFi products whilst making sure they’re completely accessible for all users of all technical ability.
What is LEND
LEND, is a multi chain lending platform. Users can deposit their crypto assets and earn interest, or use them as collateral to borrow tokens. LEND will establish pools of algorithmically derived and competitive interest rate models, based on current supply and demand of each respective asset. Suppliers and Borrowers of assets interact directly with the protocol in earning and paying a floating interest rate. This is all done without the need to negotiate terms of maturity, interest rate or collateral with any peer or counterparty!
- Lending & Borrowing
- Governance Protocol
- First protocol to give revenue to Token holders
LEND by TEN Finance will first be available on Cube Chain and BNB Chain but has plans to quickly expand to Avalanche, Cronos and Ethereum amongst other EVM compatible chains.
How does LEND work
All assets supported for supply on the LEND protocol by TEN Finance are integrated through a tToken contract. This represents the balance of the supplied token to the LEND protocol by the user. Through the minting of tTokens in the LEND markets, users are able to earn interest through the tToken’s exchange rate, which increases in value over time relative to the underlying asset and also gives the user the ability to use tTokens as collateral.
What is $LEND
TEN Finance is designing this ecosystem to stick around in the DeFi space by supporting the users, and one of the primary ways TEN Finance is doing that is offering $LEND as an incentive reward to users of the protocol.
$LEND tokens will be the native token for the LEND protocol by TEN. Within the token structure the token will give holders governance and voting rights in important decisions for shaping the future of the platform. It doesn’t end there though! $LEND tokens are also the key to earning passive income from the protocol. Once the token has launched, holders can supply $LEND to the protocol in exchange for $tLEND which actually makes them eligible to earn a large portion of the total revenue generated by the protocol.
$tLEND tokens can then also be staked or locked by users to earn additional Platform Reward Fees based on a 90-day vesting schedule. Locking tokens for the full 90-day term means an increased share of protocol revenue will be received.
Although there are numerous lending protocols on the market, the team feels there are very few that offer real value to the majority of users. Especially, in the ability to earn passive income directly from the protocol. The LEND protocol addresses this by being the first LENDING protocol to share platform revenue directly back to $LEND token holders on Cube Chain & BNB Chain.
With support from the CUBE Network ecosystem incubation partner Huobi Incubator, LEND is destined to make waves in the DeFi ecosystem
Brand: TEN Finance
SOURCE: TEN Finance